Kings XI Punjab duped of Rs 14 crore by title sponsor; takes legal action
KPH Dream Cricket Pvt Ltd, the owners and promoter of the IPL franchise Kings XI Punjab, has filed a criminal complaint against its title sponsor, NVD Solar Ltd and its officials, for "cheating and duping" them of around Rs 14 crore which they were supposed to pay it as per the contract.
The KXIP has also issued a legal notice to the company, one of India's leading solar equipment makers, for bouncing of four cheques of Rs 25 lakh each tendered by NVD India to KPH. Kings XI Punjab's co-owner and noted industrialist Ness Wadia told PTI that they have been left with no other option but to take a legal recourse against NVD Solar Ltd and its Managing Director Saibal Hazra. "It's a full blown scam.
They cheated us of our hard-earned money. They gave us fake accounts of Deutsche Bank London, Wells Fargo Bank New York, Common Suisse Bank Limited, fake swift message, fake names of officials, even sent us mails from fake IP addresses. It's crazy. They always said we will pay you on a certain date but what we got is only fake assurances," said Wadia.
"A sponsorship deal was struck between NVD Group and Kings XI Punjab in March for Rs 14.3 crore. So far, we have only received a sum of Rs 42 lakh (32 lakh via electronic funds transfer and 10 lakh through a cheque). That means, they owe us 13 crore and 88 lakh," added Wadia. Managing Director of NVD Group in India, Saibal Hazra told PTI that the deal was struck with their Bangladeshi entity and the Indian company had nothing to do with the case.
"It is an agreement between NVD Solar International Bangladesh and Kings XI Punjab, so this is not a deal with the Indian company. So we are not at all involved in this case. "The FIR is of no use because its an international deal so it will be null and void. If you are entering into an agreement with an international company, the international jurisdiction will apply in this matter."
"When we approached KXIP, we said NVD India can stand as a guaranteer and NVD India can give you the money but for that you need to enter into an agreement with us. But KXIP refused to enter into any agreement.